KVORUM
compoundSource: Compound governor alpha · #1

Add USDT Support

executedApr 29, 2020, 06:52 PM UTCby810x8169…9806

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to add Tether (USDT) as a supported asset on Compound with zero collateral and reserve factors, using a $1 price peg, and implementing a jump-rate interest model (2% to 40% range). The cUSDT token is upgradable and has been audited by OpenZeppelin.

Type
protocol addition

Key changes

  • Add Tether (USDT) as a supported market on Compound(high)
  • Set price oracle for USDT with conservative $1 peg to protect collateral requirements from underlying asset weakness(high)
  • Deploy upgradable cUSDT token with transfer fee accommodation(high)
  • Implement jump-rate interest rate model: 2% at 0% utilization, 20% at 90% utilization, 40% at 100% utilization(medium)
  • Set collateral factor and reserve factor to zero for USDT(medium)

Notable concerns

  • cUSDT is an upgradable contract, allowing future modifications
  • USDT price peg mechanism means collateral value does not reflect actual market price movements of the underlying asset
Contracts0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b0xf650C3d88D12dB855b8bf7D11Be6C55A4e07dCC90xDDc46a3B076aec7ab3Fc37420A8eDd2959764Ec40x6bc8fe27d0c7207733656595e73c0d5cf7afae36
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

135 words

Add USDT Support

In a September 2019 vote, users were given an opportunity to select which assets they favored adding to Compound; Maker and Tether (USDT) led the poll.

This proposal adds Tether as a supported asset, with no collateral factor or reserve factor, and updates the Compound price feed to conservatively peg Tether to $1. By using a peg, weakness in the underlying asset won’t change collateral requirements for users borrowing Tether.

The initial interest rate model for Tether is a jump-rate model which ranges from 2% at 0% utilization, to 20% at 90% utilization, then jumps to 40% at 100% utilization.

cUSDT is an upgradable cToken contract that has been modified to accommodate potential transfer fees in the underlying token. The cToken contract has been reviewed by OpenZeppelin and the Compound team.

03Mismatch analysis

AIMismatch analysis by Kvorumclaude-sonnet-5
Consistent

The proposal has two on-chain actions: _supportMarket, which adds the cUSDT market to the Comptroller, and _setPriceOracle, which swaps in a new price oracle contract. Both map directly to the two concrete actions claimed in the description: 'adds Tether as a supported asset' and 'updates the Compound price feed to conservatively peg Tether to $1.' Replacing the entire oracle contract (rather than just adding a single price feed entry) is consistent with how Compound's oracle architecture worked at this time — new oracle contracts were deployed that wrapped the old oracle's logic for existing assets while adding fixed-price logic for the new asset, so the ‘price feed update’ characterization is not misleading given historical context. The 'no collateral factor or reserve factor' claim is consistent with the calldata since _supportMarket does not set a collateral factor (defaults to zero), and no reserve-factor-setting call is present, matching the claim of leaving those at zero/default. The interest rate model and cToken audit details are background/context about an already-deployed contract, not actions this governance proposal executes, so their absence from calldata is expected and not a discrepancy. No numeric or target mismatches were found between the two on-chain calls and the prose. Confidence is high because the proposal is short, specific, and both actions cleanly correspond to explicit prose claims.

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

2 total
#0_supportMarket(address)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_supportMarket(address)
Arguments
{
  "0": "0xf650C3d88D12dB855b8bf7D11Be6C55A4e07dCC9"
}
Calldata
#1_setPriceOracle(address)chain 0x1
Target
0x3d98…cd3b
Value
0 wei
Function
_setPriceOracle(address)
Arguments
{
  "0": "0xDDc46a3B076aec7ab3Fc37420A8eDd2959764Ec4"
}
Calldata

05Tally

Summed from votes

Voters24
VP participating883.6K
Outcome (current)For
Current support90.3%

06Voters

24 total
Filter:
VoterChoice% of totalRationale
ED0xed40…08ffFor325.7K36.86%—7y ago
810x8169…9806For101K11.43%—7y ago
E50xe5a5…beb9For100K11.32%—7y ago
1D0x1d29…5d1fFor50K5.66%—7y ago
AF0xaf7e…afadAgainst25K2.83%—7y ago
BE0xbe1f…5733For25K2.83%—7y ago
2F0x2fd6…ba43For25K2.83%—7y ago
660x6626…c35cFor25K2.83%—7y ago
D60xd681…7d6eFor24.1K2.73%—7y ago
B00xb032…449bFor24.1K2.73%—7y ago
540x54a3…e189For22.5K2.55%—7y ago
E60xe6b2…bcffAgainst18.1K2.05%—7y ago
980x98ea…4cd7For15K1.70%—7y ago
E50xe5b5…4b03For15K1.70%—7y ago
MYmykel.eth0xa0dc…c432For13K1.47%—7y ago
7F0x7f89…58c4For13K1.47%—7y ago
870x8703…87beAgainst12.5K1.41%—7y ago
CF0xcfae…135aAgainst10K1.13%—7y ago
BB0xbbd1…172eAgainst10K1.13%—7y ago
BAbanked.eth0xfdaa…3733Against10K1.13%—7y ago
580x582c…d468For9.8K1.11%—7y ago
DAdakeshi.eth0xe3c9…6b21For5K0.57%—7y ago
8F0x8fe1…572dFor4.7K0.54%—7y ago
180x181f…4b56For10.00%—7y ago
Showing 24

07Forum

No forum thread is confidently linked to this proposal.